The introduction of the Procurement Act 2023 marks a significant change in public sector procurement. As this new regulation commences on the 24^th of February 2025, it is crucial for organisations to understand the regulation’s objectives, who will be affected and how to stay ahead of potential challenges. At Promote Consulting, we specialise in procurement transformation systems, helping organisations align their strategies with the new regulations and thrive in an evolving landscape.

The Aim of the New Regulation

Research shows that 70% of SMEs find it difficult to access public sector procurement opportunities due to complex processes. The Procurement Act 2023 seeks to improve public sector procurement by focusing on the following objectives:

• Transparency and Fairness: Providing public access to procurement data to improve accountability, create equal
  opportunities for all eligible businesses, and foster healthy competition while promoting innovation.
• Efficiency: Reducing bureaucracy by streamlining processes for quicker and more effective procurement, helping
  to meet immediate needs efficiently and capturing KPIs by contracts.
• Flexibility: Streamlining the bidding process, enabling negotiations and encouraging competition through procurement stages.
• Sustainability: Promoting eco-friendly practices, ethical sourcing, and community engagement initiatives aimed at
  minimising environmental impact and fostering long-term positive outcomes.

Failing to adopt the new procurement laws could lead to significant risks, including legal challenges, financial penalties, and delayed projects. By proactively adjusting your processes and systems, you can minimise disruption and ensure that your procurement operations remain compliant and efficient.

How We Can Help

We provide a range of services to prepare you for the Procurement Act 2023:

• We can assess if your procurement systems are configured to meet the new requirements.
• We can help you optimise your systems for accurate data capture to meet your reporting needs.
• We can assist with improved automation and interfaces to drive efficiency and compliance.

At Promote Consulting, we assist with procurement system transformation, ensuring that your organisation is not only compliant but also well-positioned to take advantage of the opportunities the new Procurement Act 2023 presents. Our expert team is here to guide you every step of the way.